A Community Land Trust is a not-for-profit, community-controlled organisation that owns, develops and manages local assets for the benefit of the local community. Its objective is to acquire land and property and hold it in trust for the benefit of a defined locality or community in perpetuity. It may do so for a number of purposes, one of which is housing.
It works by separating the value of the building from that of the land on which it stands. The land remains in community ownership. Residents can acquire a financial interest in the building; they pay a form of rent which covers overheads such as repairs, maintenance, buildings insurance and administration, as well as the interest on the money borrowed to build the housing.
Money left over builds up in the form of savings which are paid out to the resident when they leave, or possibly before. In other words, they share in any profit. This makes it different from a conventional renting arrangement. Another important aspect is the participation by residents and the community in the development and management of the property.
The data provided by you on this form will be stored within a computerised database. This data will only be used for the trusts purposes and will not be disclosed to a third party.
Data Protection Act 2000
